Notes to SEFA
Accounting Policies: NOTE 1BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Housing and Redevelopment Authority of Austin (the HRA) under programs of the federal government for the year ended September 30, 2022 The information in this Schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the HRA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the HRA.NOTE 2SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The HRA has no sub-recipients and no loans or loan guarantees as part of their federal programs. NOTE 3INDIRECT COST RATEThe HRA has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.